How Wealthy Foreigners and Greedy Africans Bleed the Continent

A study published by the Association of Concerned Africa Scholars details how the illicit siphoning of billions of dollars abroad by foreign investors and African leaders has impoverished Africans for 40 years.

 

Estimates of illicit capital outflows range from U.S. $854 billion to $1.8 trillion between 1970 and 2008. Even if only the capital transferred abroad between 2000 and 2008 had been invested domestically, the average rate of poverty reduction could have been 4 to 6 percentage points higher per year. Adding 4 to 6 percentage points to the current rate of poverty reduction would allow most African countries to reach the Millennium Development Goal of halving poverty by 2015. Instead, only a handful of countries will reach this goal.

  • Comment (8)
Photo: Daniel Hayduck/IRIN

Bye Bye money: Africa loses billions that could be used for development.

Documents



Comments Post a comment

  • mau
    Nov 21 2012, 10:43
    Report Abuse

    this is almost the same thing that is happening here in central America. it's sad to see the extent of modern economic exploitation all over the world. for some, like my African brothers, it's been going on for hundreds of years, in our case, we suffer from the same disease but on a more recent spectrum. long live Africa, and the oppressed people who sooner of later, will rid themselves of their enemies; and history will exhibit their names as the righteous and deserving the best for their own and their nations.

  • foryohjonathan0000
    Nov 21 2012, 14:06
    Report Abuse

    CONGRATULATION; WE HOPE THOSE WHO ARE DOING SUCH ILLICIT BEHAVIOR BY DEPRIVING OUR "AFRICANS" FUTURE, AND THE FUTURE OF AFRICA WILL SOON STOP. AS THE PROVERB SAYS " HUNDRED DAYS FOR THIEF AND ONE DAY FOR A MASTER", THE DAY WILL SOON COME WHEN THOSE PATRIOTIC AFRICANS WILL START LOOKING, DEALING AND SERIOUSLY TAKING ACTIONS AGAINST THOSE WHO ARE DEPRIVING AND EXPLOITING AFRICANS AND AFRICA.

  • gloing19
    Nov 21 2012, 20:53
    Report Abuse

    very good website:

    ===== http://www.globalmarket.name// =====

    The website wholesale for many kinds of fashion shoes, like the nike, jordan, prada, also including the jeans, shirts, bags, hat and the decorations.

    WE ACCEPT CREDIT CARD /WESTERN UNION PAYMENT YOU MUST NOT MISS IT!!!

  • zerofuzz
    Nov 22 2012, 04:08
    Report Abuse

    Dear All, This has been known for ages ! I mean how much more investigation do you need ? Most political systems in Africa does not care to have transparant governement finances. They simply steal to much ! Cry out for Full transparancy and you will soon see who opposes ! African politics are full of thieves who walk on the corpses of millions of dead people who didnt survive the starvation helth problems etc. Free education is a way to get better educated people in charge but I guess the same people who opposes transparancy opposes free education. (should only be for the already rich of course, the current opressors) Transparency is the Key to stop corruption on all levels... BUt I dont have to much faith in the progressive Africa, to many thieves Im afraid. The whole continent is infested with them.... /Z

  • kemetkush
    Nov 21 2012, 09:41
    Report Abuse

    africa must be free

See All Comments